TrueLayer's Open Banking App Live on Shopify

Published 6 months ago

Following its recent merger with Stripe, TrueLayer’s App-to-App (A2A) payment application is now available in the Shopify App Store. This development not only allows UK and EU vendors to incorporate open banking payments into their checkout process but also brings the open banking network to a leading e-commerce platform.

Enhancing Checkout Experience

With this move, merchants can now add instant bank payments to their websites within hours. This checkout experience offers a faster, more secure payment option at a significantly lower cost compared to cards or PayPal. The payment details of customers auto-populate directly from their bank accounts, reducing the likelihood of payment failure and removing friction.

Leveraging Biometric Authentication for Security

The payments system uses biometric authentication to verify the identity of customers, ensuring bank-level security with every transaction. Additionally, open banking payments, powered by instant payment rails, allow for real-time settlement of funds and enable businesses to process refunds faster.

Boosting Open Banking Payments in the UK and EU

Michael Brown, Head of E-commerce at TrueLayer, acknowledged the reliance of businesses throughout the UK and Europe on Shopify for their payment processing. He expressed his enthusiasm for offering these merchants the fast, cost-effective open banking payments needed to deliver an exceptional experience to their customers.

Maplin Leads the Way

Electronics retailer Maplin is the first merchant to utilize this service. More retailers are expected to follow suit in the coming months. Ollie Marshall, Managing Director at Maplin, commended the integration of open banking payments through the Shopify app, stating it was a smooth process. He further mentioned that partnering with TrueLayer was motivated by the desire to offer customers a fast, seamless purchase completion process while simultaneously reducing card processing fees.

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